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Ecuador negotiates investment for 727.85 million in four fields in the Amazon
Posted On 16 Aug 2018
Ecuadornews:
The Government of Ecuador managed to attract an investment of 727.85 million dollars from private companies for the development of four oil extraction fields in the Amazon, state company Petroamazonas reported today.
These contracts were established with the Mexican companies Avanzia, the Venezuelan Vinccler, Arotekh and the Ecuadorian Triboilgas, under the modality of specific services for ten years.
The negotiation took place within the framework of a negotiation process called “Oil & Gas 2018”, opened by Petroamazonas for the Cuyabeno-Sansahuari, Oso, Yuralpa and Blanca-Vinita fields, located in the Amazonian provinces of Orellana, Sucumbíos and Napo, said the oil company in a statement.
The process seeks to increase the production of these fields to 77.29 million barrels of oil in the next ten years. The global extraction of crude oil in these four deposits is currently estimated at around 36,300 barrels per day.
The bidding process “Oil & Gas 2018”, which began last March, also includes the negotiation of the natural gas field “Amistad” or “Block 6”, located in an area near the Gulf of Guayaquil, in the Pacific Ocean.
The reception, analysis and qualification of offers for the field “Friendship” is scheduled for September, “according to the schedule determined for the process,” adds Petroamazonas statement.
Ecuador extracts some 530,000 barrels of crude oil per day, most of them destined for export, which is why it is considered one of the most important items in the financing of the state budget. (I)
